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Professional services rendered by accounting professionals can include a wide range of financial services. In rendering these financial services accountants do have professional liability exposures that can result in claims. The most significant claims have been against the largest accounting firms for failure to uncover fraudulent accounting practices during an audit at publicly traded companies. Smaller client companies, both public and private, also generate similar types of professional liability claims with lower severity.

Management and technology consulting services rendered by accounting professionals can also be a source of claims such as consulting work on financial reporting systems. If the professional services provided do not meet the expectations of clients, disputes can and will occur. Disputes can result in a client seeking damages from the accountant. In addition, as with many types of professional liability claims, the resulting dispute can cause:

• Costly litigation
• Diversion from the business
• Damage to reputation

Accountants professional liability insurance, sometimes called malpractice, errors and omissions or E & O insurance, is available from a range of specialty lines insurers and association programs. Coverage and pricing varies greatly depending upon the accounting firm's clients, practice profile, annual billings, loss history and staff size. Some of the variations in underwriting coverage include:

• Small start-up firms
• Firms specializing in tax work for a particular profession
• Tax and general accounting with some incidental EDP work
• CPA's from larger firms starting a new firm
• General accounting with some associated management consulting services
• Firms with incidental fiduciary and/or trust work